Enter the information for three columns in basic accounting mathematics.
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Column 1: Assets - Assets are resources owned by a company that have economic value and can be used to generate future benefits. - Examples of assets include cash, accounts receivable, inventory, and property.
Column 2: Liabilities - Liabilities are obligations that a company owes to external parties, such as creditors or suppliers. - Examples of liabilities include accounts payable, loans payable, and accrued expenses.
Column 3: Equity - Equity represents the ownership interest in a company, which is the difference between its assets and liabilities. - Equity can be further broken down into common stock, retained earnings, and additional paid-in capital.